1987 - The Company was incorporated on 20th November. The Certificate
of Commencement of Business was obtained on 26th November. The
Company has been promoted by Herdillia Chemicals Limited (HCL) in
technical collaboration with Uniroyal Chemical Co. Inc., USA.
- The main objective of the company is to manufacture
Ethylene-Propylene Copolmers, Terpolymers & Rubbers (EPM/ EPDM).
- The Company is setting up a new industrial undertaking for the
manufacture of 10,000 tpa of EPM/EPDM Rubbers in the Trans-Thane
Creek Area, Thane, Maharashtra.
- The Company entered into an agreement with Uniroyal Chemial Co.,
Inc., USA for technology for EPM/EPDM, process know-how, training
startup, commissioning assistance etc.
1992 - During June, the Company issued 9,00,000 partly convertible
debentures of Rs. 200 each 45,000 debentures were issued to
employees of the Compay and those of HCL respectively (only
29,860 debentures taken up). Balance 8,55,000 debentures were
issued to the public.
- Additional 1,12,140 debentures were allotted to retain
oversubscription. Accordingly 99,70,000 shares were allotted.
Rs. 100 of the face vlaue of each debenture was to be converted
into 10 equity shares of Rs. 10 each on the date of allotment.
- Balance Rs. 100 of the face value of each debenture was to be
redeemed in three instalments on the expirty of 7th, 8th and 9th
years respectively from the date of allotment of debentures.
1993 - 70, No. of equity shares subscribed for by signatures to the
Memorandum of Association. 49,03,990 No. of equity shares of Rs.
10 each issued to Heredillia Chemicals (HCL). 11,41,330 shares
allotted to Uniroyal Chemical Co. Inc., USA (UCC). 147,34,610
No. of equity shares were then issued along with partly
convertible debentures as follows:
- (i) 95,67,940 shares reserved for allotment to promtoers,
directors, their friends.
- (ii) 18,36,670 to UCC.
- Balance 33,30,000 shares were issued to the public. Additional
22,50,000 shares allotted to retain oversubscription (3,60,000
shares to public; 10,33,338 shares to promoters and 8,56,662
shares to Uniroyal Company USA).
2001 - ICRA has assigned rating of LC- to the proposed non convertible
debenture programme of the company.